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Wednesday, December 28, 2016

An Extra 30 Days To Repay Loans In Certain Categories

Keeping in mind the ongoing cash crunch in the economy due to demonetisation, the Reserve Bank of India (RBI) has asked lenders to provide additional 30 days to borrowers in some categories for repayment of loans.

Earlier through a notification issued on November 21, the RBI had provided 60 days extra for agricultural, housing as well as personal loans with an original sanctioned amount of Rs. 1 crore or less.

The RBI in its notification issued on Wednesday provided additional 30 days relaxation in addition to the 60 days relief provided earlier to Running working capital accounts, Term loans for business purposes, and agriculture loans, with an original sanctioned amount of Rs. 1 crore or less. 

The government's sudden decision in November to scrap high value banknotes took out 86 per cent of the money in circulation leading to cash crunch in the economy. This has affected the ability of many borrowers to service their loans.

With withdrawals being restricted per account, many loan borrowers have been unable to get dues on time from creditors, limiting their options to repay their loan dues.

Also, normal banking activities, including clearing of cheques, have been severely hampered after the government's announcement, with bankers having to first serve people who have been queuing up for a one-time exchange of old notes for new ones at bank counters.

Prime Minister Narendra Modi had promised that the cash crunch will ease in 50 days. However according to latest reports, the cash crunch is now expected to last for a few more months.

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